Thursday, October 19, 2006

B of A Surge in Card Fees; Profits Rise 41% in Qtr (via Reuters)

  • Debit card income increased 24 percent from the same quarter last year to $502 million and purchase volume grew 19 percent to a record $42.86 billion. Bank of America customers made more than 1 billion transactions with their debit cards during the quarter. Bank of America’s market share of debit card transactions is 16 percent, twice that of the nearest competitor.

  • Card Services had revenue of $5.33 billion, an increase of 137 percent compared to the third quarter of 2005. Net income more than tripled to $1.48 billion. On a pro forma basis, Card Services recorded an increase in revenue of 7 percent compared to the third quarter of 2005, while net income increased 47 percent.

  • Bank of America Corp. (NYSE:BAC - news), the No. 2 U.S. bank, on Thursday said third-quarter profit rose 41 percent, helped by consumer lending growth and a surge in credit card fees. [via Reuters]

[Source: via Edgar]